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GST- What is Goods and Services Tax (GST)?

 

  • It is a destination based tax on consumption of goods and services.

Remember > Destination + Consumption + Goods + Services

  • It is proposed to be levied at all stages right from manufacture up to final consumption with credit of taxes paid at previous stages available as setoff.
  • In a nutshell, only value addition will be taxed and burden of tax is to be borne by the final consumer.

Remember > On value addition + Burden-Final Consumer

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